On June 27, Genworth Long Term Care Insurance Company, will make changes to some new business forms. We have outlined the changes below.
Changes for Privileged Choice® Flex 3
Signatures Required – In response to requests from regulators, we are updating the coverage selection form for Privileged Choice® Flex 3 (Flex 3) to include an applicant signature. This change is effective in all Flex 3 states, except Montana. The updated form will be available in the Applicant and company Material and Forms booklet in kits on June 27. You must switch to the new coverage selection form no later than July 29.
Updates to Applicant Booklets – As announced in the bulletin on June 13, 2016, our new coverage selection form for Element will be included in the Applicant and company Material and Forms booklet with Flex 3 for your convenience. Applicant signatures will also be required for the Element coverage selection form.
Element and Flex 3 will use the same application booklet giving you the ability to switch to the other product if needed. Only one coverage selection form should be completed per application.
Select Only Underwriting Category Disclosure – With the addition of the Select Only Underwriting Category, we have added a disclosure to point out that with full underwriting, applicants may be eligible for lower rates for slightly more coverage; or they may pay more for the same amount of coverage they are applying for.
1-Year Benefit Period Addition to the Outline of Coverage – We now offer a 1-Year Benefit Period which has been added to the Benefit Period options in the Flex 3 coverage selection form.
Please refer to the State Difference Matrix (158908) for state variations.
Change for all Privileged Choice Flex Products
HIPAA Form Revision – To accommodate a legal entity update for MIB and other minor language updates, we have revised the HIPAA form. This form is included in the Company Material and Forms booklet and the Applicant Leave Behind booklet for all products in all states. The revised form and booklets will be available in kits on June 27. You must switch to the new HIPAA form no later than July 29.
Transition Rules
Please carefully review the transition dates and rules below. No exceptions will be available.
Paper Applications
6/27/16 Kits are available for ordering with updated coverage selection forms and revised HIPAA form.
7/29/16 Last valid Home Office Receipt Date for old coverage selection forms and HIPAA form.
Important Note: Prior to soliciting new business, verify your producer license is in good standing, you have completed all required CE, and you are in compliance with all applicable licensure requirements. Applications will be returned if all such requirements have not been met as of the date of the application. For up-to-date information on Genworth applications, education and training statuses go to https://pro.genworth.com.
For the original bulletin, click here.